THQ Inc. (OTC: THQIQ), a leading worldwide developer and publisher of
interactive entertainment software, today announced that the U.S.
Bankruptcy Court has granted a motion to approve a sale of the majority
of THQ’s assets to multiple buyers. The company expects the Court to
enter a formal order tomorrow.

The Court approved the sales of three of THQ’s owned studios and games
in development, as well as Evolve, a working title under development at
Turtle Rock Studios, Homefront 2, Metro: Last Light and South
Park: The Stick of Truth. Under the terms of the agreements with the
successful and approved bidders, the THQ estate will receive
approximately $72 million, making the total estimated value of the
estate $100 million including certain assets and other intellectual
properties which were excluded from the sale.

The Court approved the sale of Relic Studios to Sega Corporation for
$26.6 million; the sale of Volition Inc. and Metro: Last Light to
Koch Media GmbH for $22.3 million and $5.9 million, respectively; the
sale of Homefront 2 to Crytek GmbH for $0.5 million; the sale of
Evolve to Take-Two Interactive Software, Inc. for $10.9 million; and the
sale of THQ Montreal and South Park: The Stick of Truth to
Ubisoft LLC for $2.5 million and $3.3 million, respectively. Excluded
from the sales were the company’s publishing businesses, Vigil Games,
and certain other assets and intellectual properties, which will remain
part of the THQ estate and will continue in the Chapter 11 process.

Brian Farrell, Chairman and CEO of THQ, noted, “While we had hoped that
the restructuring process would allow the company to remain intact, I am
heartened that the majority of our studios and games will continue under
new ownership. It has been my pleasure to work alongside this great
group of people, and I am proud of the imaginative and artistic games
that our team has created. Although we will no longer be able to work
together with a unified mission, I am confident that the talent we have
assembled will continue to make an impression on the video game
industry. For those whose positions are not likely to continue, I
sincerely regret this outcome and we will be meeting with you over the
next few days to discuss the transition.”

Jason Rubin, President of THQ, added, “I was brought in eight months ago
to help turn this ship around, and while I’m disappointed that we could
not effect a sale for the entire operating business, I am pleased that
the new buyers will be providing jobs to many of our very talented
personnel. When we first announced the sale process, I said I would be
happy if the company’s games and people had a bright future, even if it
meant I did not have a job at the end of it. And I still feel that way.”

The new owners have not articulated their plans for the assets, or their
intentions to extend employment to THQ employees included in the sale.
THQ expects the new owners to extend employment to most employees and to
continue development of the games they purchased that are currently in
development. The assets that are not included in the sale agreements
will remain part of the Chapter 11 case. THQ will continue to seek
appropriate buyers, if possible.

THQ will continue to employ a small number of headquarters staff beyond
January 25 to assist with the transition.

Qualified bids received by January 22 were reviewed by the company and
the creditors committee. Through an auction process that lasted 22 hours
yesterday and today, the successful bidders were determined, and the
hearing to approve the sales took place this afternoon. Ten bidders
participated in the proceedings, including bids for the entire company
as well as for individual assets. The sales are expected to close
tomorrow, January 24.

Clearlake Capital Group, L.P. had submitted a “stalking horse” bid for
substantially all of THQ’s assets in December 2012. In accordance with
Section 363 of the U.S. Bankruptcy Code, the Court supervised an auction
to determine the highest and best bid(s) for the company’s assets in
accordance with the bid procedures approved by the Court. Clearlake will
receive a break-up fee of $1 million, as stated in its stalking horse
asset purchase agreement.

THQ and its domestic business units filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware on
Dec. 19, 2012. The Chapter 11 case will continue for THQ.

This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current expectations, estimates and projections about the business of
THQ Inc. and its subsidiaries (collectively referred to as "THQ"),
including, but not limited to, expectations regarding the bankruptcy
case. These statements are based upon management's current beliefs and
certain assumptions made by management. Such forward-looking statements
are subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements, including, but not limited to, the adverse
impact of the bankruptcy case on THQ’s business, financial condition and
results of operations, including its ability to maintain customer and
supplier relationships; THQ’s ability to obtain bankruptcy court
approval in connection with the bankruptcy case, the actions of THQ’s
creditors and other third parties with interests in the bankruptcy case,
competitive, economic, legal, political, and technological factors
affecting our industry, operations, markets, products, or pricing.
Readers should carefully review the risk factors and the information
that could materially affect THQ's financial results, described in other
documents that THQ files from time to time with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for the
fiscal period ended March 31, 2012 and subsequent Quarterly Reports on
Form 10-Q, and particularly the discussion of trends and risk factors
set forth therein. Unless otherwise required by law, THQ disclaims any
obligation to update its view on any such risks or uncertainties or to
revise or publicly release the results of any revision to these
forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date of this press release.

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